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Plant-based startup Beyond Meat has revealed a new partnership with fast-food giants KFC and Pizza Hut as the company expands its presence in China.
According to Yahoo Finance, the announcement caused shares in the company to increase by 6.2 percent. Beyond Meat shares also jumped 12 percent back in April after the company revealed its partnership with Starbucks.
Beyond Meat had trialed plant-based chicken nuggets in China last month, with fast-food company Yum China Holdings stating pre-sale coupons for the meatless products sold out in less than an hour on the first day.
‘Largest markets worldwide’
‘We’re proud to expand our partnership with KFC into China, one of their largest markets worldwide, as well as introduce a new partnership with Pizza Hut in China. We’ll be sharing more details soon,” a Beyond Meat spokesperson told Fox Business.
The news outlet also reported the meat-free products will begin rolling out to locations in China starting from this month.
‘Going Beyond Meat’s way’
Following its steady success on the stock market, Beyond Meat was recently compared to tech giants like Facebook and Amazon by TV personality Jim Cramer.
The Mad Money host praised the company on CNBC’s Squawk On the Street, saying: “It’s all going Beyond Meat’s way. And what is Beyond Meat doing? They’re cutting price.
“So the price of meat is going to go up for the regular meat, and the protein that skips the whole meat chapter is going to do well. Beyond Meat is one of the most dangerous shorts in this market.”
